Daily GK Update- 3rd July, 2022

NATIONAL UPDATES:

 

1. Bosch India’s “smart” campus is opened by PM Modi in Bengaluru: The new smart campus of Bosch India, a top provider of technology and services in Bengaluru, was essentially inaugurated by Prime Minister Narendra Modi. According to a business statement, Modi noted in his inauguration address that this year is a historic one for both India and Bosch India as both countries mark their 75th anniversaries of independence. Key Points:

a)      Bosch first arrived in India as a German corporation a century ago; now, it is equally as Indian as it is German. This is a fantastic illustration of Indian energy and German engineering.

b)      Leading the way in creating cutting-edge goods and solutions for both India and the rest of the world is this campus. Prime Minister implore Bosch to plan for the next 25 years and consider doing more in India.

c)       By converting its headquarters in Adugodi, India, into a new smart campus named Spark, Bosch India announced that it is increasing its AIoT (Artificial Intelligence of Things) efforts in that country.

d)      Bosch claimed to have spent Rs 800 crore over the previous five years building the campus, which has the capacity to house 10,000 associates.

 

2. UN projected India’s urban population to be 675 million in 2035: According to a UN report, India‘s urban population is expected to reach 675 million in 2035, ranking second only to China‘s urban population of one billion people. The report also noted that after the Covid-19 pandemic, the world’s urban population is once again on track to increase by another 2.2 billion people by the year 2050. Highlights of the UN Report:

a)      According to the World Cities Report 2022 by UN-Habitat, the pandemic only momentarily slowed down urbanization’s rapid pace.

b)      According to the report, India’s urban population is expected to reach 675,456,000 in 2035, up from 483,099,000 in 2020, 542,743,000 in 2025, and 607,342,000 in 2030. 43.2 percent of India’s population will be living in urban areas by the middle of the year in 2035.

c)       The report underlined the need to address urban inequality and climate change, citing “heatwaves in Delhi” and Mumbai’s “overcrowded slums.”

 

3. Sandeep Kumar Gupta named as next chairman of GAIL: Sandeep Kumar Gupta, Director for Finance at Indian Oil Corporation, has been picked to head India’s largest gas utility GAIL (India) Ltd. He will replace Manoj Jain, who is scheduled to retire on August 31. The PESB recommendation will be vetted by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi, after the go-ahead of anti-corruption bodies such as the CVC and CBI.

About the GAIL: GAIL is India’s largest gas transmission and gas marketing company, with a 14,502-kilometre gas pipeline network and a capacity of 206 million standard cubic meters a day. Its natural gas pipeline network covers 21 states. It holds around 70 per cent share of the gas-transmission network and more than 50 per cent share of natural gas sales in India.

Note: GAIL Headquarters: New Delhi; GAIL Founded: 1984.

 

4. PSLV-C53 rocket carrying three Singapore satellites launched by ISRO: Three Singaporean satellites were successfully launched by the Indian Space Research Organisation (ISRO) as part of a commercial mission for the New Space India Limited. This was the space agency’s second launch of the year; its first, had put an Indian Earth Observation Satellite in orbit. The space agency also carried six in-orbit experiments mounted on the fourth stage of the rocket on the current mission in addition to the commercial satellites. Key Points:

a)      The nation’s workhorse rocket, PSLV-C53, launched from Sriharikota and put the three satellites into precise orbits about 18 minutes later.

b)      The launch vehicle was deployed in the core-alone configuration, which only uses the four primary engine stages.

c)       The 365 kg Singaporean DS-EO satellite served as the mission’s primary payload. It is an electro-optic earth observation satellite that can deliver full-color images for land classification and disaster relief operations.

d)      Its second small commercial satellite, weighing 155 kg, is called NeuSAR. It can transmit images in all weather conditions, day or night.

e)      The third satellite was the 2.8 kg Scoob-1 from Nanyang Technical University, the first in a series of student satellites designed to provide practical training for the university’s satellite research centre.

 

INTERNATIONAL UPDATES:

 

1. Ketanji Brown Jackson sworn in, becomes 1st Black woman on US Supreme Court: The United States made history as Ketanji Brown Jackson was sworn in as the first Black woman to serve on the Supreme Court. The 51-year-old’s appointment by Democratic President Joe Biden means white men are not in the majority on the nation’s highest court for the first time in 233 years. Four of the justices on the nine-member court are now women, making it the most diverse bench in history — although they all attended the elite law schools of Harvard or Yale.

Jackson had picked up support from three Senate Republicans during a grueling and at times brutal confirmation process, delivering Biden a bipartisan 53-47 approval for his first Supreme Court nominee. Jackson’s swearing-in marks a major moment for Biden, who chaired the Senate Judiciary Committee in the 1980s and ’90s, meaning he has the unprecedented distinction of both naming and overseeing the appointment of a Supreme Court justice.

 

3. NATO Summit 2022 Concludes in Madrid: The 2022 NATO Madrid Summit was held in Madrid, Spain, from June 28 to 30, 2022. This was the 32nd edition of the summit, since the first summit meeting held in Paris in 1957. The Summit was chaired by NATO Secretary General Jens Stoltenberg. The heads of state and heads of government of NATO member and partner countries participated in the three-day Summit. NATO summit meetings is a platform for member countries to evaluate and provide strategic direction for Alliance activities.

Key Points of the Summit:

a)      During the Summit, 22 NATO members agreed to launch the NATO Innovation Fund. It is a multi-sovereign venture capital fund that will invest 1 billion euros ($1.05 billion) in startups and other venture capital funds that develops emerging technologies for both civilian and military use.

b)      NATO leaders on Wednesday agreed to strengthen the alliance’s forward defenses, enhance the bloc’s battlegroups on its eastern flank and increase the number of high readiness forces to more than 300,000.

c)       During the Summit, NATO’s closest partners Finland and Sweden were invited to join the Alliance.

Note: NATO Formation: 4 April 1949; NATO Headquarters: Brussels, Belgium; NATO Secretary General: Jens Stoltenberg; NATO Total Member: 30; NATO Last member of NATO: North Macedonia.

 

3. International Plastic Bag Free Day: 3rd July: The International Plastic Bag Free Day is held on July 3 around the world to spread awareness that a plastic bag free world is possible and that sound environmental alternatives to single use plastic bags are available. 2022 is the 13th edition of the celebrations. The day is an initiative by Bag Free World for the purpose of getting rid of the single-use of plastic bags around the world and promoting environmental conservation by encouraging us all to stay away from the use of plastic bags and instead look for more eco-friendly alternatives.

International Plastic Bag Free Day History: The first International Plastic Bag Free Day was observed on July 3, 2008, when Rezero, a member of Zero Waste Europe (ZWE), initiated it. The holiday was only observed in Catalonia in its inaugural year. However, a year later, ZWE introduced the International Plastic Bag Free Day to the European Union.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. RBI: Banks’ gross non-performing assets reached six-year low of 5.9%: In March 2022, banks’ gross non-performing asset (GNPA) ratio decreased to a six-year low of 5.9 percent from a high of 7.4 percent in March 2021, according to the Reserve Bank of India’s (RBI) most recent Financial Stability Report (FSR). According to stress testing, the GNPA ratio of commercial banks may go from 5.9% in March 2022 to 5.3 percent by March 2023 due, among other things, to higher-than-anticipated bank loan growth and a downward trend in the stock of GNPAs, according to the research. Key Points:

a)      Since the provision for outstanding loans has not been taken into account when calculating net NPAs, GNPAs do not actually result in a loss for lenders.

b)      According to the FSR, the GNPA ratio might increase to 6.2 percent and 8.3 percent, respectively, if the macroeconomic situation deteriorates to a medium or severe stress scenario.

c)       However, under the severe stress scenario, public sector banks’ GNPA ratios could rise from 7.6 percent in March 2022 to 10.5 percent a year later, while private sector banks’ GNPA ratios would increase from 3.7 percent to 5.7 percent and foreign banks’ GNPA ratios would increase from 2.8 percent to 4.0 percent over the same time period.

 

BUSINESS AND ECONOMY

 

1. Crisil projects India’s FY23 GDP growth estimate to 7.3%: Domestic rating agency Crisil has cut the real GDP growth forecast for India to 7.3 percent in FY23 (FY 2022-2023). Earlier this was estimated at 7.8 percent. It attributed the downward revision to higher oil prices, slowing of export demand and high inflation.

Crisil said there are a slew of negatives like high commodity prices, elevated freight prices, drag on exports as global growth projections get lowered, and the largest demand side driver of private consumption remaining weak. Inflation, which has been pegged to average at 6.8 per cent in FY23 as against 5.5 per cent in FY22, reduces purchasing power and would weigh on revival of consumption the largest component of GDP which has been backsliding for a while, the agency said.

 

2. Google’s proposed equity acquisition of Bharti Airtel approved by CCI: In an investment agreement (IA) signed by Google and Airtel, the buyer offers to buy a 1.28 percent minority and non-controlling part in the company’s equity share capital. The roughly $1 billion for 1.28 percent investment in Bharti Airtel by Google was approved by the Indian Competition Commission. The proposed merger was accepted by the CCI based on the Acquirer’s amendments (Google International LLC). Key Points:

a)      In accordance with the terms of the Investment Agreement (IA) signed by Google and Airtel, the Acquirer is planning to buy a 1.28 percent minority and non-controlling holding in the equity share capital.

b)      Along with the IA, the acquirer and the target have also made several business arrangements through their affiliates.

c)       In January of this year, Google announced that it would invest up to $1 billion in Bharti Airtel, India’s No. 2 supplier of telecom services, with a 1.28 percent stock purchase for $700 million and a $300 million commercial agreement over the course of five years.

d)      As part of the Google for India Digitization Fund, the internet search engine already invested $4.5 billion in Reliance Jio in July 2020, making it an investor in two competing telecom service companies.

e)      As part of Google’s investment in Jio last year, JioNext, a low-cost smartphone, has already been launched in partnership with Reliance Jio. JioNext runs an optimised version of the Android operating system. The holding company of Reliance Jio, Jio Platforms, also acquired a $5.7 billion investment for a 9.99 percent ownership from Facebook, now Meta.

 

3. Max Life introduces Instant Insurance Confirmation (Insta-COI)+: Max Life Insurance have launched another digital solution Instant Insurance Confirmation (Insta-COI)+. Through recent digital interventions like chatbot and WhatsApp servicing, Max Life has provided novel service experiences. The Company also added a financial payout services function to its website, which made it quick and hassle-free for clients and improved the whole digital experience, supporting its aim to be ubiquitous for its customers. Key Points:

a)      The digitization of onboarding processes for paperwork makes this project viable.

b)      This solution, which is supported by AI-enabled smart underwriting, is currently available for some low-risk prospects who select an amount insured of up to INR 25 Lakh.

c)       A joint venture between Max Financial Services Limited and Axis Bank Limited is called Max Life Insurance Company Limited. A multi-business firm based in India, the Max Group includes Max Financial Services Ltd.

d)      Through its multi-channel distribution, which includes agency and third-party distribution partners, Max Life offers complete protection and long-term savings life insurance solutions.

 

AWARDS AND HONOURS

 

1. Ashok Soota conferred with CII Quality Ratna Award 2021: Ashok Soota, founder and Executive Chairman of Happiest Minds Technologies, has been conferred with CII Quality Ratna Award 2021. The Annual CII Quality Ratna Award constituted in the year 2019 is in recognition of outstanding leadership, contribution, and distinguished service to the Quality Movement in India. The CII Awards Committee unanimously concurred to bestow the 2021 Award to Mr. Soota considering his significant contribution to building the competitiveness of the Indian industry through quality Initiatives.

 

2. Nitin Gadkari presented National Highway excellent Award 2021: Lok Sabha Speaker Om Birla along with Minister for Road Transport and Highways, Nitin Gadkari gave away National Highways Excellence Awards-2021. Awards were given to the stakeholders and companies engaged in the highway construction and maintenance of road assets in New Delhi.

Excellence Awards were constituted in 2018 & awards were given away in 9 categories including Excellence in Project Management, Excellence in Highway Safety, Excellence in Toll Management, Excellence in Operation and Maintenance, Innovation, Green Highways, Outstanding Work in Challenging Condition, Bridge Construction and Tunnel Construction.

 

DEFENCE

 

1. Successful flight testing of high-speed expendable aerial target ABHYAS in Odisha: The Defence Research and Development Organization’s (DRDO) Abhyas high-speed expendable aerial target (HEAT), which was created as a target for the testing of missile systems, underwent a successful flight testing from the Integrated Test Range (ITR), off the coast of Odisha. The Aeronautical Development Establishment (ADE), a DRDO unit with a Bengaluru location, created Abhyas.

The DRDO recently conducted numerous tests on Abhyas in various configurations. Precision demonstrations of the aircraft’s performance at low altitude, including prolonged level flight and excellent manoeuvrability, were made. The target aircraft was being tracked by a number of tracking sensors deployed by ITR, including radar and an electro-optical targeting system, as it was being flown from a ground-based controller in a predetermined low altitude flight route.

About Abhyas:

a)      Abhyas—a word derived from Sanskrit meaning “practise” or “preparatory exercise”—offers a realistic threat situation for training with different armament systems and has been built with an onboard autopilot system for autonomous flight.

b)      According to the DRDO, the vehicle was launched utilising two underslung boosters, which give it a quick start.

c)       It has a modest gas turbine engine that enables it to fly for an extended period of time at a fast subsonic speed.

d)      The target aircraft has an inertial navigation system based on micro-electromechanical systems as well as a flight control computer for guiding and control.

e)      The system has a built-in radio altimeter for very low altitude flight and a data link for secure communication between the target aircraft and the ground control station.